Essential Properties Realty prices $450 million exchangeable notes
Essential Properties Realty Trust priced $450 million of 4.375% exchangeable notes due 2032 and plans to use part of the proceeds to repay its revolver.
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what happened
Essential Properties Realty Trust priced $450 million of exchangeable senior notes carrying a 4.375% coupon and maturing in 2032. TradingView reports this based on the company's press release distributed by BusinessWire. Investors also have an option to buy an additional $67.5 million, which would lift the deal to $517.5 million if fully taken up.
The initial exchange price is about $30.88 per share, roughly 15% above the $26.85 reference price. To limit dilution, the company will spend about $18.7 million on capped calls, with a cap near $36.25 per share. Net proceeds are estimated at $439.0 million, of which about $420.3 million will go toward repaying its revolving credit facility.
why it matters
The deal looks like a REIT extending its debt maturities while managing shareholder dilution through capped calls. A stronger signal would be full exercise of the option and evidence of lower interest expense after the revolver paydown.
tags
instruments
sources
- Essential Properties Realty Trust, Inc. (EPRT) Prices $450M 4.375% Exchangeable Notes — TradingView, 28 October 2026 at 00:05 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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